All companies submitting returns of income must do so using the ITR14 form – last updated in 2014.

The ITR14 requires a great deal more disclosure by companies in order for SARS to assess companies. Information disclosed in the ITR14 feeds directly into the IT14SD form, a supplementary declaration in which taxpayer's, if selected by SARS, are required to reconcile declarations after the initial submission of the ITR14.

This seminar by Piet Nel will focus on the mechanics of the submission of the forms, the content of each of the forms to assist taxpayers’ and tax practitioners’ in understanding the relevant terminology and the impact of the increased disclosure from a tax perspective

Course Content

The following will be covered during this seminar:

ITR14

Customising the return and effect on AFS's

When a company will be classified as dormant, a share block company, a body corporate, a microbusiness, small business or as a medium to large business. The definition of a small business corporation will be revisited.

Dividends paid, contributed tax capital, return of capital and the last STC credits

Resident status of the company, company structure and implications of a change therein during the year.

International transactions, withholding taxes and transactions to be based on arm’s length principle

Capturing detail from the statement of financial position and of comprehensive income.

Adjustments, such as trading stock, interest paid, exemptions and claiming special allowances.

Submission of the return and relevant material

IT14SD

Customising the return

PAYE reconciliation and areas of concern

Linking the Income Tax reconciliation with the ITR14 Tax computation
Tax Administration Act

Relevant provisions that relate to the ITR14 and IT14SD

Incorrect disclosure and prescription

Presenter

Piet Nel CA(SA)

Piet is the Head of the recently established School of Applied Tax at the SA Institute of Tax Professionals (SAIT). He formerly lectured in taxation at UNISA and the University of Pretoria and acted as study supervisor on post graduate level. Prior to joining SAIT, Piet was the project director for tax at SAICA. Over a period of more than a decade, Piet presented numerous tax seminars and workshops to tax practitioners. Piet is also well known in the media, regularly appearing on radio and TV talk shows. He actively continues to the tax thought in South Africa and regularly publishes articles in professional journals and magazines

Important: Printed copies of notes is optional and will cost additional R50 per set and must be ordered. Electronic notes will be emailed to all registered delegates 2 days prior to the event. Should you require a printed copy on the day of the seminar kindly select the printed seminar notes when registering for the event.

WHY REGISTER WITH SAIT?

Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.

MINIMUM REQUIREMENTS TO REGISTER

The Act requires that a minimum academic and practical requirments be set to register with a controlling body. Click here for the minimum requirements of SAIT.